This is a rush transcript from "Your World," March 17, 2015. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: Well, are you in the mood for a tax cuts after writing a check to the IRS?

Republican Governor Bobby Jindal of the fine state of Louisiana, says one might be coming sooner than you think.

Hi, Governor. Explain.

GOV. BOBBY JINDAL, R-LA.: Neil, it's great to be back with you.

Look, if the Supreme Court rules the way they should, not only do the subsidies go away, the individual and the employer mandates for the most part go away in up to 37 states.

That means tens of billions of dollars in tax cuts, because it was tax increases through the mandates that are part of ObamaCare, that would go away. Hundreds of billions of dollars of spending would go away. That's why it's so important that Republicans in Congress don't rush to try to become cheaper Democrats and pass ObamaCare-lite.

I think if the court gives us this chance, we need to pass our own alternative that doesn't restore those tax increases, doesn't involve a new entitlement program, and really focuses on reducing costs, unlike what the president did.

CAVUTO: Now, I'm not a lawyer, governor, but some people tell me that if the Supreme Court ruled that way -- and there is a distinct possibility it could -- then anywhere from 12 to 16 million Americans are without health insurance.

What do you think Republicans should do for them? Should they have something at the ready just in case that is what happens?

JINDAL: Neil, that's why I think they need to pass their plan today, before the court even rules.

CAVUTO: Well, they're not. They're a long way from that.

(CROSSTALK)

JINDAL: Well, and, look, I proposed a plan a year ago with 16 points, a standard deduction, grants to the states for a form of Medicaid, interstate purchase of insurance, medical savings accounts, cracking down on frivolous lawsuits, that would help millions of Americans get access, would also lower costs by thousands of dollars to the average family.

So to answer your question, absolutely. They need to pass a plan today. And here is what is going to happen if they don't. The president will be on TV. He will have a sympathetic example of a patient with chemo or a dialysis treatment, saying they're going to lose their access if the Republicans don't do something.

CAVUTO: Right.

JINDAL: What I worry about is, the Republicans in Congress have already given up on amnesty. They shouldn't give up on ObamaCare. And the best way to avoid that is to pass their alternative today, show that we have got a better plan.

(CROSSTALK)

CAVUTO: Yes, but that would never be signed by the president, right? We're always in this weird dilemma, right? So if Republicans pass a plan that the House and Senate mutually agree on it, the president rejects it, the Supreme Court decision comes along, all of a sudden, these folks are without that, and the president is going to paint you -- not specifically you, but Republicans, as the boogeymen.

JINDAL: He might paint me specifically, and that's OK, but two things.

Look, Hillary Clinton started this back in '93 trying to take over the health care system. It took them several years to get ObamaCare done. I don't know why conservative Republicans always give up before the fight starts. If we have got an alternative plan when the Supreme Court rules, we at least can go to the American people and try to convince the president to do the right thing, not the political thing, say there is no reason to hurt millions of Americans. We have got a plan that doesn't raise taxes.

My real concern is the Republicans do pass a plan, but it raises some taxes. It creates a new entitlement program and it doesn't focus on costs and is just a cheaper version of ObamaCare.

CAVUTO: But isn't it always a matter of which entitlement is less of a burden or an annoyance? Republicans get rapped. This came up with you, I'm sure, Governor, as it did your counterpart Chris Christie in New Jersey, that you might not like the health care plan, but you're OK with the Medicaid and the money that comes that way.

What do you say to that, that Republicans are inconsistent on this?

JINDAL: Two things.

Part of my 16-point plan on health care reform is to turn Medicaid into a global grant where, in return for states getting their own tax dollars back, yes, it would be better if they would allow us to keep our dollars in the first place.

CAVUTO: Right.

JINDAL: If you're going to take our tax dollars, for them to give it back to us without all these strings, without all of this red tape.

There was a great study in Oregon, this Harvard study, that showed even when they did Medicaid expansion, they didn't see an improvement in health care outcomes. So, why not, instead of the federal government trying to micromanage states in health care, why don't they trust us? The 10th Amendment to the Constitution, under federalism, states should have the ability to innovate, experiment.

We know the needs of our people better than bureaucrats in D.C.

CAVUTO: All right.

JINDAL: So, to the extent you're going to have this funding, give it to the states without the red tape, without the bureaucracy.

CAVUTO: You mentioned funding, Governor.

I would remiss if I didn't mention all the dash for cash on the part of likely or possible presidential candidates. You're in that bunch often mentioned. And I'm wondering whether you feel like you're getting lost in the sauce with the Jeb Bushes and the Scott Walkers, who seem at this early stage -- and it's a long way from anything right now -- getting a lot of that donor dough.

JINDAL: Neil, you know, look, I know a lot of candidates are focused. Potential candidates are focused on how do they win, whether it's fund- raising or polling or consultants.

I'm more focused on what the next president should do. I spent the last year developing detailed ideas on health care, on energy, on foreign policy, on education policy. Neil, we need our next president to make big changes. I think we need somebody who is going to do something, not just want to be somebody.

I don't know why other potential candidates aren't all doing the same thing, thinking about what they would do if they were actually elected. I think that's far more important. I think will be plenty of time for fund- raising or consultants or polls.

(CROSSTALK)

CAVUTO: No, no, I understand where you're coming from. And it's a very altruistic view.